PENDER Court, off West Coast Highway, has been relaunched for collective sale at an asking price of about $100 million.

That is about 20 per cent above the price the condominium fetched in an ultimately abortive sale in the 2007 property boom. Buyer Bravo Building Construction called off the deal in early 2008.

The firm had, by then, also pulled out of two other collective sale deals â Tulip Garden near Holland Road and Makeway View in Newton.

Now, the sellers of the freehold 48-unit development are expecting offers in the region of $100 million to $108 million, said marketing agent Credo Real Estateâs executive director of marketing Yong Choon Fah.

On this basis, the asking price range translates to a land price of about $992 per sq ft (psf) to $1,071 psf on the potential gross floor area, she said.

At this level, a developer may expect to break even at about $1,480 psf to $1,570 psf, Ms Yong added.

This price is for a total gross floor area of about 100,840 sq ft, including an additional 10 per cent space set aside for balconies.

Pender Court was sold at the peak of the last boom in July 2007.

Bravo agreed to pay $80 million or about $872 psf of potential gross floor area. No development charge was payable then.

It decided in April 2008 to cut its losses on the deal, rather than pump in more money and make a bigger loss by pursuing the development.

The property market had slowed considerably by then, from the boom days of the previous year.

Pender Court owners got to keep the $12 million deposit, which worked out to an average of $250,000 per unit.

2. Written by News on 02-04-2008 04:06

En bloc sale delayed

A SMALL property firm that snapped up enough sites to place it among the top en bloc players last year has put off completing two deals while it ties up funding.

It bought freehold Pender Court condominium in the Telok Blangah area for $80 million last July.

Bravo was supposed to have completed the sale on Feb 25 but had it postponed, initially to around mid-March. It then asked for a further extension to April 24, which has apparently been granted.

Pender Courtâs 48 owners should each get $1.6 million or so for their flats, which sold for about $872 psf.